US mortgage rates surge to highest level since July, closing in on 7%
The benchmark 30-year fixed US mortgage rate climbed close to 7%, the highest level since July. The rise tracks a jump in long-dated Treasury yields and threatens to dampen housing demand in the months ahead.
According to data cited by CNBC, the average 30-year fixed US mortgage rate has climbed close to 7%, its highest reading since July. The move tracks a sharp jump in 30-year Treasury yields.
Housing-market data has already been signalling a slowdown, with pending home sales coming in below expectations in recent months. Higher mortgage costs lift monthly payments, narrow affordability for buyers and squeeze refinancing activity.
Fed officials' comments on inflation and the rate path will set the tone for borrowing costs. Analysts say pressure on mortgages will persist as long as Treasury yields stay elevated, with the FOMC minutes and inflation prints shaping the outlook.
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